2011 Income Tax Rates Prediction - Bargaineering |
2011 Income Tax Rates Prediction Posted: 07 Jul 2010 04:06 AM PDT We talked about how capital gains taxes will increase in 2011 (and how dividends will be taxed as ordinary income in 2011 too), but we haven’t talked much about the tax brackets themselves. Normally, in the fall, we go through the exercise of calculating the tax brackets once we know the inflation figures. This year it’ll be a little different as the Bush-era tax cuts will expire this year. As you may remember, in 2001 and 2003, President Bush signed two tax bills that adjusted and then accelerated the adjustments to our tax brackets. Most notably, they added a 10% and 25% tax brackets and lowered the top tiers from 39.6% and 36% to 35% and 33%, respectively. The reason why the cuts were considered “for the rich” was because the top two tiers were lowered and because capital gains taxes were slashed. They were cut for everyone but 4.6% from the highest tier counts for more than at the lower brackets. So where will taxes go in 2011? President Obama’s 2011 budget seeks to expire the tax cuts in 2011, letting the top two tiers rise back to where they were before the cuts but has promised to leave tax rates the same for those making less than $250,000 (married) and $200,000 (single). This would mean that we would keep the 10% and 25% brackets, but replace the 35% with $39.6% and the 33% with the 35% brackets. It would look something like this: 2011 IRS Tax Brackets PredictionAssuming only changes to the top two brackets but accounting for inflation over the 2010 tax brackets (2% for the 12 months through May 2010 according to the BLS), we get:
Some other notable changes from the 2011 budget proposal:
What do you think of the new brackets?
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USPS Considering Stamp Price Increase Posted: 06 Jul 2010 11:27 AM PDT The United States Postal Service proposed an increase to the price of sending a letter through first-class mail by two cents, to 46 cents. The USPS would also increase, correspondingly, the prices of all other shipping like Priority and Express mail service. All told, the increase is estimated to only generate an additional $3 billion in the next fiscal year, not even half of the estimated $7 billion deficit they are projected to run. It’s unfortunate what’s become of the USPS as they try to get back into the black. There’s very little by way of innovation and most people hate going to the post office, like they hate going to the DMV. The lines are always long, there are never as many tellers as there are windows, and you’re always stuck behind someone who hasn’t even packed what they intend to ship. The suggestions only hasten the demise of the USPS. Shutting off Saturday service will save them money, but you don’t get more business by offering fewer services. Increasing stamps will only shift purchasing (buying more Forever Stamps) or give people another reason to not mail something. Email is free. The Postal Regulatory Commission oversees the Postal Service and they need to approve the latest price increase, which would be scheduled to go into effect January 2nd. (Photo: nhoulihan)
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2011 Income Tax Rates Prediction - Bargaineering Part 1
2011 Income Tax Rates Prediction - Bargaineering Part 1
2011 Income Tax Rates Prediction - Bargaineering Part 1
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